PDP Says Fraud Responsible For Fuel Price Increase

Nigeria’s opposition Peoples Democratic Party (PDP), has linked the increase in pump price of fuel and the lingering economic hardship in the country to fraud in the management of oil resources by the ruling All Progressive Congress.

The opposition spokesperson, Kola Ologbondiyan, disclosed this in a statement dated 13 November.

THE WHISTLER had reported that the Nigerian government adopted a new oil regime which has led to the increase in fuel price.

Coupled with the controversial increase in electric tariff, price of fuel on November 13 this year rose to N170 per litre.

The increase comes amidst hardship partly induced by the Covid-19 pandemic and the spill-over effects of failures of past administrations, experts said.

But Nigeria’s major opposition party, the PDP said, “It is evident that the continuous increase in the pump price of fuel under opaque and nebulous indices is a product of incompetence and large scale corruption being perpetrated by a few individuals in the Buhari administration, who are bent on fleecing Nigerians and holding our nation to ransom.

“Such humongous fraud in the management of our oil resources is responsible for the high costs and unspeakable hardship being suffered by millions of Nigerians who can barely afford their meals and basic necessities of life. “

With the country’s economy contracting 6.1 per cent in the second quarter, PDP said the surge in fuel prices will worsen the “log tied on the neck of Nigerians.”

PDP said the increase in pump price above N100 per liter was not justifiable.

“Our party notes that the APC administration has failed to come clean on the parameters being used for the hike in prices vis-a-vis our production, export and accruing revenue,” said PDP.

The World Bank, the International Monetary Fund and other bilateral and multilateral lenders had pushed for a deregulated oil sector and the removal of subsidy in the country as a prerequisite for securing loans from the lenders.

PDP said, “Indeed, the APC administration is not being honest with Nigerians regarding the status and volume of oil production, sales, and accruing revenue.

“This is in addition to its failure to fix our refineries and end crude oil theft, allegedly to aid APC interests.

“This appears to provide answers to why the APC administration has failed to offer any explanation on huge fraud going on in the management of our nation’s oil resources including the alleged stealing of over N9.6 trillion ($25 billion) by APC interests, as detailed in the leaked NNPC memo.

“It has also failed to publish details of its sleazy oil subsidy regime, including the involvement of APC interests in the claimed under-recovery for unnamed West African countries, running into trillions of naira, while Nigerians are made to bear the burden of high fuel costs.”